Bristol-Myers leads pharma retreat

Biotechnology stocks also lose ground for 3rd session

TedGriffith

NEW YORK (CBS.MW) -- Pharmaceutical stocks fell in a broad decline Thursday, weighed down by Bristol-Myers Squibb's warning that its profits this year could be about half last year's level.

Shares of Bristol-Myers
BMY, -1.27%
tumbled $5.55, or 15 percent, to $32.15 after earlier touching a new five-year low of $29.80. Bristol said late Wednesday its profits will be down sharply because of slowing sales and an inventory reduction effort. See full story.

The biotechnology sector was also under pressure. The Amex Biotechnology Index
BTK, -1.79%
fell 1.8 percent and the Nasdaq Biotechnology Index
NBI, -1.76%
lost 2 percent. Both biotech indexes closed in negative territory in the previous two sessions as well.

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